Central regions | Finance, business | Technology & innovation
Russians in Russia invest in EdTech project by Russians in Brazil
9 Sep '21
Baring Vostok, a large Russian-based VC fund, led a consortium of Russian investors who recently put $11m into a Brazilian online school called EBAC (Escola Britânica de Artes Criativas & Tecnologia), Vc.ru reported.
The consortium also featured Begin Capital, a Russian business angel club called AngelsDeck, A.Partners, an investment company, and Sergei Solonin, the co-founder of Qiwi. Mr. Solonin had already invested $1.5m in EBAC earlier this year.
EBAC was established last year by a group of Russian entrepreneurs: Alexander Avramov, the co-founder of the British Higher School of Design; Andrei Anishchenko, the co-founder of an HRTech company called Skillbox; and Pavel Alyoshin, an ex-CEO of Yandex.Market and the head of Yandex.Verticals. The online school offers web-based coaching in design, marketing, and programming in Brazil and Mexico. According to the school’s internal reports, EBAC has 20,000 students and more than a million US dollars in monthly proceeds. In January 2021, the service had only 5,000 students and half the amount in monthly revenue.
“High enough demand for applied further education (FE) and the sheer capacity of the Latin American market with its 600 million population let us hope we’ll make a go of it. Five years from now, we expect to become a company with more than $100m in annual revenue,” said Andrei Anishchenko, the co-founder of EBAC.
EBAC wants to funnel the most recent investment into the scaling of the business and the development of more curricular units. The school currently runs 78 courses with price tags (as exemplified by game design courses) varying from 2,000 to 3,600 Brazilian reals, or $375-680.